Wall Street fell heavily on Monday, March 10, after Donald Trump refused to rule out the possibility of a recession in the US. "I hate to predict things like that," he had said, in an interview on conservative channel Fox News, the day before. "There is a period of transition, because what we're doing is very big. We're bringing wealth back to America. That's a big thing. And there are always periods of, it takes a little time."

Logically, the stock market plummeted, with tech and banking stocks dropping: The Nasdaq fell by 4%, while the S&P 500 dropped 2.7%. In total, the two exchanges were down 13.5% and 8.7% from their respective highs.

Tesla, Elon Musk's firm, which was down 15% on Monday to $222.15, has lost more than half its market value since its January high, and is now worth less than it was before Trump was elected, in November 2024. Tech giants such as Nvidia and Apple, meanwhile, fell by around 5%. In Asia, stock markets followed Wall Street in its downturn. In Tokyo, the flagship Nikkei index closed down 0.63%, after dropping nearly 3% in intraday trading. The Seoul Stock Exchange retreated 1.28% and Sydney dipped 0.91%.

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